Formulate a revenue-and-expense budget for a nursing unit within a healthcare organization.

Empowering others and encouraging employee participative approaches can lead to world-class performance within healthcare organisations.
October 13, 2018
Discuss the attributes of the plan you have developed and how it links to management theories, educational theories, your personal needs and personal learning style.
October 13, 2018

Formulate a revenue-and-expense budget for a nursing unit within a healthcare organization.

Chamberlain College of Nursing: NR-533- Financial Management in HC Org
Pro Formas (graded)
The course outcome for week 5 is as follows:
Formulate a revenue-and-expense budget for a nursing unit within a healthcare organization. (PO 8).
As we begin this week’s lesson, it is important to discuss how pro formas and spreadsheets can be beneficial to the nurse leader in relation to the financial management of a healthcare organization. Last week’s content provided an overview of forecasting and how this can also be beneficial in the financial management of a healthcare organization.

Debbie and her supervisor have moved to the topic of pro formas. Discuss the purpose of pro forma statements and how they may benefit Debbie.

Benefits of Budgeting
As we begin this week’s lesson, it is important to discuss how pro formas and spreadsheets can be beneficial to the nurse leader in relation to the financial management of a healthcare organization. Last week’s content provided an overview of forecasting and how this can also be beneficial in the financial management of a healthcare organization.
Budgeting Process

A timeline builds in time the leader may need to provide additional information to justify a certain budget-item request to senior leadership.

A sample budget timeline can be viewed in your textbook reading this week. The rationale for a new budget item or an increase in a budget line item may be clear to us, as the leaders, but may not be clear to senior leadership.
When developing a budget, aspects of the overall budget must be considered and reviewed carefully to ensure quality of patient care is not compromised. Reimbursements for organizations are becoming more closely tied to outcomes to providing high-quality care that is at the forefront of healthcare leaders (Finkler, Jones, & Kovner, 2013). Some leaders and organizations may also adopt a specific performance budget to target a specific goal or multiple goals for an area or organization.

For example, an organization may wish to increase its patient-satisfaction scores throughout the organization.

Some quantified areas of a budget may include the number of patient days or other expected specific service-area measures. The leader considers the goals, mission, vision, philosophy, policies, and organization-wide assumptions of the healthcare organization when preparing the annual budget.Generally, the organization will provide a set of specific, measurable objectives the budget should accomplish. This information should be communicated to leaders before the budget process is initiated. Often, the final budget is a compromise between the leader and senior leadership.

Pro forma financial statements are a summary of a financial organization’s position at a given time (Finkler, Jones, & Kovner, 2013).

Most organizations utilize a financial-summary statement in some format, which typically includes their financial position at the end of the fiscal year, revenues and expenses, and cash receipts and payments.
One of the most common types of financial statements is the balance sheet. The balance sheet may also be termed the statement of financial position. The pro forma balance sheet indicates, for each future year, what the end-of-the-year financial-projections results will reflect. Generally, any projections longer than 3 years would not be an accurate reflection due to the changes that occur within healthcare.
Summary
This week, we discussed pro forma concepts and how they can assist the nurse leader in his or her role. Next week, we will discuss various aspects of financial risk the nurse manager may encounter within a healthcare organization.

Reference
Finkler, S., Jones, C., & Kovner, C. (2013). Financial management for nurse managers and executives. (4th ed.). St. Louis, MO. Saunders.
Recommended Article:
Budget spreadsheet upgrade. (cover story). (2013). Credit Union Times, 24(35), 1–23.

Page or paragraph numbers must be included with quotes per APA. See APA re how to format references and in-text citations i.e. capitalization issues and use of the ampersand versus the word (“and”).
Including at least one in-text citation and matching reference.
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